Comerica Bank reduced its holdings in Avis Budget Group Inc. (NASDAQ:CAR) by 21.0% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 43,516 shares of the business services provider’s stock after selling 11,559 shares during the quarter. Comerica Bank’s holdings in Avis Budget Group were worth $1,346,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. BlackRock Inc. increased its stake in Avis Budget Group by 4.1% in the 2nd quarter. BlackRock Inc. now owns 8,416,207 shares of the business services provider’s stock worth $273,525,000 after acquiring an additional 330,997 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Avis Budget Group by 9.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 4,436,114 shares of the business services provider’s stock worth $144,174,000 after acquiring an additional 396,831 shares during the last quarter. Pzena Investment Management LLC increased its stake in Avis Budget Group by 8.6% in the 2nd quarter. Pzena Investment Management LLC now owns 1,967,077 shares of the business services provider’s stock worth $63,930,000 after acquiring an additional 156,577 shares during the last quarter. Diamond Hill Capital Management Inc. boosted its holdings in shares of Avis Budget Group by 6.5% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,692,509 shares of the business services provider’s stock worth $55,007,000 after purchasing an additional 102,778 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Avis Budget Group by 0.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,604,504 shares of the business services provider’s stock worth $52,146,000 after purchasing an additional 14,568 shares in the last quarter.
CAR has been the subject of a number of research reports. BidaskClub upgraded Avis Budget Group from a “hold” rating to a “buy” rating in a report on Thursday, August 16th. Barclays cut their price objective on Avis Budget Group from $41.00 to $38.00 and set an “equal weight” rating for the company in a report on Wednesday, August 22nd. ValuEngine cut Avis Budget Group from a “sell” rating to a “strong sell” rating in a report on Friday, August 24th. Goldman Sachs Group set a $30.00 price objective on Avis Budget Group and gave the stock a “sell” rating in a report on Tuesday, October 16th. Finally, Deutsche Bank set a $45.00 price objective on Avis Budget Group and gave the stock a “buy” rating in a report on Thursday, October 25th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $41.00.
In related news, SVP David T. Calabria sold 1,700 shares of the stock in a transaction dated Tuesday, November 27th. The stock was sold at an average price of $29.29, for a total transaction of $49,793.00. Following the completion of the sale, the senior vice president now directly owns 7,661 shares in the company, valued at approximately $224,390.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.60% of the stock is currently owned by corporate insiders.
CAR opened at $27.86 on Thursday. Avis Budget Group Inc. has a 12-month low of $26.97 and a 12-month high of $50.88. The company has a debt-to-equity ratio of 27.75, a current ratio of 1.14 and a quick ratio of 1.14. The stock has a market capitalization of $2.27 billion, a PE ratio of 9.78 and a beta of 1.80.
Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings data on Monday, November 5th. The business services provider reported $3.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.54 by ($0.21). Avis Budget Group had a return on equity of 60.18% and a net margin of 4.09%. The firm had revenue of $2.78 billion during the quarter, compared to analysts’ expectations of $2.81 billion. During the same quarter in the previous year, the company posted $3.10 earnings per share. Avis Budget Group’s revenue for the quarter was up .9% compared to the same quarter last year. As a group, equities research analysts expect that Avis Budget Group Inc. will post 3.43 EPS for the current year.
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Avis Budget Group Company Profile
Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,450 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of approximately 925 dealer-operated and 450 company-operated locations that serve the consumer and light commercial sectors in the continental United States.
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